Business

Revealing the Factors Affecting Coworking Costs

You should be open to the possibility of moving to a coworking space as an alternative to working from home. Coworking space is a relatively new concept just introduced in 2005. However, it gathered mass support and interest in the recent years. Coworking allows businesses to share the same office space.

In fact, according to the Global Coworking Survey 2018, an estimated 1.7 million people around the world will be coworking by the end of 2018. This is because more and more people realise the many benefits of coworking. Coworking is particularly practical for freelancers, start-ups, sole traders and small business owners.

The main advantage of coworking is cheaper fees compared to renting or buying an office. Additionally, coworking provides access to amenities that can help run a business from Wi-Fi to printers, meeting rooms, conference rooms, cafes, lounges even free coffee and tea. More importantly, coworking can give you the opportunity to network and collaborate with like-minded people.

What to expect

Typically, the facility will charge a monthly fee. Some spaces offer membership for as low as $45 a month for infrequent users. For frequent users, the monthly fee can go as high as $1,800.

Facilities charge differently. Mostly, the rate will depend on whether you want a private office or you prefer a hot/assigned desk. The hot desk is cheaper but it may not be ideal if you have employees; a private compartment would be more suitable. The cost will be higher if you need a private compartment.

Staff and services

Another factor is the staff and its services. Keep in mind that manned stations (receptions, eateries and IT support) will surely cost more. In some spaces, there is an available cleaner.

Membership inclusion

Before you become a member, it is important that you know the inclusion and you decide whether it is useful to your business or not. The inclusions will, of course, vary depending on the facility provider. For instance, there are facilities that will charge you when you use a printer or store items in the locker. There are other facilities that offer free coffee, tea, and water while others do not. It is crucial that you understand what are the inclusions so you will not be surprised at the end of the day. You should also brief your employees on what will and won’t be free.

Location of the facility

Like any office or real estate, the location has a heavy bearing when it comes to the cost. For facilities that are near transport hubs or thriving business areas, the cost is more compared to quieter areas. You have to decide if the amenities nearby are worth the cost. You have to think carefully – if you consider far spaces, make sure that it does not push your travel expenses.

The time you will be in the office

There are spaces that offer flexible payment for those who only want to use the space a few times a month. If you do not need to be there many times, there is no use of accepting a full-time membership. You should look for spaces that offer the best deals when it comes to your specific requirements.